financetom
Economy
financetom
/
Economy
/
US East Coast ports union meets over wage demand, preps for possible strike
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US East Coast ports union meets over wage demand, preps for possible strike
Sep 6, 2024 12:05 PM

(Reuters) - The International Longshoremen's Association union, representing 45,000 workers at major container ports from Texas to Maine, will begin two days of meetings on Wednesday to review wage demands and prepare for a potential strike on Oct. 1.

Formal talks have reached an impasse as the union and the United States Maritime Alliance employer group wrangle over pay, automation, healthcare and retirement benefits.

A source familiar with the negotiations said the ILA has asked for a 77% pay bump over the life of the new contract. Three experts told Reuters the final increase would likely improve on the 32% rise the West Coast longshore union negotiated last year.

ILA International President Harold Daggett has warned that union workers will walk off the job if a new labor agreement is not reached before the current six-year contract expires on Sept. 30.

USMX said in statements it has been trying to set a meeting with ILA to resume talks.

Any work slowdown or stoppage would affect key ports - including New York/New Jersey, Houston and Charleston, South Carolina - backing up goods ahead of the key holiday season and U.S. presidential elections.

Such disruptions would have "serious ripple effects" on global supply chains already under pressure from Red Sea diversions, said Vincent Clerc, CEO of A.P. Moller-Maersk, last week at an event in Los Angeles.

Maersk is a USMX member company. When asked about the status of the talks, Clerc said negotiators previously had been able to "take it from the brink" and reach an agreement.

Shippers that depend on affected ports are not taking chances, and many have brought in goods early to mitigate risk.

Still, each day without a deal fuels worries about a strike.

The National Retail Federation on Tuesday urged the two sides to return to the bargaining table, following similar calls by the Retail Industry Leaders Association and American Apparel & Footwear Association.

"A strike or other disruption would significantly impact retailers, consumers and the economy. The administration needs to offer any and all support to get the parties back to the table to negotiate a new contract," NRF CEO Matthew Shay said in a statement.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US Fed floats plan with smaller capital hikes for big banks, Bloomberg News reports
US Fed floats plan with smaller capital hikes for big banks, Bloomberg News reports
Oct 22, 2025
(Reuters) -The Federal Reserve has shown other U.S. regulators the outlines of a revised plan that would dramatically relax a Biden-era bank capital proposal for Wall Street's largest lenders, Bloomberg News reported on Wednesday. Some officials have calculated that the terms of the Fed's plan would lead to an increase of between about 3% and 7% in total capital for...
Home Sellers Outnumber Buyers by Near-Record Percentage in September, Redfin Says
Home Sellers Outnumber Buyers by Near-Record Percentage in September, Redfin Says
Oct 22, 2025
03:47 PM EDT, 10/22/2025 (MT Newswires) -- US home sellers outnumbered buyers by a near-record percentage in September, while home-buying contract cancellations rose year over year, two reports by Redfin showed Wednesday. There were an estimated 36.7% more home sellers than buyers in September, giving buyers increased negotiating power. In records dating back to 2013, the June of this year...
Daily Roundup of Key US Economic Data for Oct. 21
Daily Roundup of Key US Economic Data for Oct. 21
Oct 21, 2025
02:30 PM EDT, 10/21/2025 (MT Newswires) -- The Philadelphia Federal Reserve's services reading fell to minus 22.2 in October from minus 12.3 in September, in line with the New York Fed's report that also showed more widespread contraction. Redbook reported that US same-store retail sales were up 5.0% year-over-year in the week ended Oct. 18, slower than a 5.9% gain...
US Dollar Rises Early Wednesday Ahead of Crude Oil Stocks
US Dollar Rises Early Wednesday Ahead of Crude Oil Stocks
Oct 22, 2025
07:47 AM EDT, 10/22/2025 (MT Newswires) -- The US dollar rose against its major trading partners early Wednesday, except for a decline versus the yen, ahead of a quiet day that includes only weekly petroleum stocks inventory data at 10:30 am ET and an appearance by Federal Reserve Governor Michael Barr at 4:00 pm ET. Barr is not expected to...
Copyright 2023-2025 - www.financetom.com All Rights Reserved